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Eurofer expects the European steel market to recover in 2024

In 2022, apparent steel consumption in the EU decreased by 7.2% compared to 2021 to 140 million tonnes. In the last quarter of 2022, consumption decreased by 19.3 per cent compared to the same period of the previous year.

Eurofer expects the European steel market to recover in 2024

Eurofer had initially forecast a 1.7% decrease in European apparent steel consumption in 2022, then 3.5%. In February 2023, this figure was estimated at 4.6%. Accordingly, the decrease in the European market proved to be more serious than previously thought. However, the European steel association Eurofer argues that the worst year for the sector is behind us. According to Eurofer, overall steel consumption in Europe in 2023 will still decrease by 1%, but the second half of 2023 will show growth. The recovery of the market will begin in 2024, when it will grow by 5.4 per cent compared to 2023, the association said in a statement.

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